According to recent investor disputes, Jim Geake (CRD# 2629008), a broker registered with Madison Avenue Securities, allegedly recommended unsuitable alternative investments to his clients. Haselkorn and Thibaut is now investigating the Skokie, Illinois-based financial professional, who operates under the brand Wayne Messmer & Associates, to determine if he engaged in similar misconduct with other investors. As an experienced securities law firm, we encourage any concerned investors to contact us for a free portfolio review and consultation.
Allegations of Unsuitable Investment Recommendations
In 2024, a group of investors filed a dispute claiming that Mr. Geake recommended investments that were not suitable for their financial situation and goals. While the claim does not specify the amount of alleged damages, the disclosure on Mr. Geake’s BrokerCheck profile notes that the claimants invested a total of $1.1 million in the products at issue.
This recent dispute is just one of several that have been lodged against Mr. Geake over the years. From 2018 to 2023, eleven separate groups of investors filed claims alleging unsuitable recommendations, misrepresentations related to alternative investments, negligence, and breach of fiduciary duty. The products involved in these disputes included non-traded REITs like NorthStar Healthcare and Hospitality Investors Trust. Ultimately, Mr. Geake’s current and former broker-dealers settled the claims for a combined total exceeding $1.4 million. According to a Forbes article, alternative investments can be complex and risky, requiring thorough due diligence and suitability assessments by financial advisors.
Broker’s Background and History of Complaints
Jim Geake entered the securities industry in 1995 when he registered with Franklin Financial Services. After transitioning to American General Securities in 2002, he eventually landed at Madison Avenue Securities in 2006, where he remains registered today. Over his 29-year career, Mr. Geake has passed six industry qualification exams, including the Series 7 and Series 6.
While Mr. Geake has defended himself against several of the customer disputes, stating that the investments were vetted and suitable at the time of recommendation, the sheer number and similarity of the claims raise concerns about his sales practices. As he notes in his professional bio on the Wayne Messmer & Associates website, he claims to feel “strongly that his clients, as well as members of his community, should be educated and well informed when it comes to making important financial decisions.”
Protecting Investors’ Rights and Recovering Losses
Famous investor Warren Buffett once warned that “risk comes from not knowing what you’re doing.” For the average investor, it can be challenging to fully understand complex products like non-traded REITs and determine if they are appropriate for your unique circumstances. This is why working with a trustworthy and transparent financial advisor is so critical.
Sad statistic: According to a 2020 study by the Financial Industry Regulatory Authority (FINRA), 36% of investors who experienced fraudulent practices were told that the investment was a safe, low-risk opportunity. Unscrupulous brokers sometimes downplay or conceal the dangers of high-risk or unsuitable products. In fact, a recent study by the Securities and Exchange Commission found that misconduct and fraud by financial advisors result in significant investor losses each year.
If you have suffered investment losses due to unsuitable recommendations from Jim Geake or another financial advisor, it’s crucial to understand your rights and recovery options. At Haselkorn and Thibaut, our seasoned investment fraud attorneys have a strong track record of fighting for wronged investors through the FINRA arbitration process, and we have helped clients recover substantial sums. We work on contingency, meaning you won’t owe any legal fees unless we win your case.
For a free and confidential consultation, please call 1-888-784-3315 today. Let us put our skills and experience to work for you.
